Thai exports set record high in March.
Exports, the most powerful piston driving the Thai economy, rose by nearly 8.5 percent year-on-year during March 2021, setting a record high in dollar terms for that month and contributing to economic confidence during the pandemic.
“Thai exports are likely to grow more than 4 percent this year after the growth in the first quarter,” said Phusit Ratanakul Sereroengrit, Head of the Trade Policy and Strategy Office at the Ministry of Commerce.
The Ministry said that March exports were valued at $24.2 billion, up 8.47 percent year-on-year, an all-time high for March shipments in dollar terms. The month-to-month performance was even more impressive as exports increased by 19.8 percent from February.
As an export-dependent economy, the Thai government has attempted a series of measures to boost the role of consumption and investment in growth to reverse effects of the slowdown in global trade caused by the COVID-19 pandemic.
Rubber products led all exports, scoring a 109 percent improvement over the same period last year and rising for six consecutive months. Other products that registered impressive results were cars, auto parts, plastic pellets, agricultural products and food.
All those sectors are among the economy’s traditional strengths. Thailand is one of the world’s top three rubber exporters and the only net food exporter in Asia. Its auto sector is the leader in the region even as it is transitioning to next-generation and electric vehicles.
The Ministry remains optimistic that exports will continue to flow thanks in part to the stimulus measures of the U.S. government to revive the American economy, and vaccine programs in some of the Kingdom’s other trading partners.
Photo courtesy of: https://thaiembdc.org/2020/11/05/optimism-building-for-export-recovery/